Investments, Mobile, News

US based Eniac Ventures announced its second seed stage fund of $12.9 Mn

eniac-venturesEniac Ventures, launched in 2009 and a New York based seed stage fund, recently announced its second $12.9 Mn  fund, reports TechCrunch. Previously, in 2010 the venture invested around $1.6 Mn in mobile focused companies as part of its first fund. The company will continue backing the Mobile Technologies with the new fund.

Eniac is an initiative of four alumni from University of Pennsylvania’s School of Engineering, Hadley Harris, Nihal Mehta, Vic Singh and Tim Young. Mehta is currently the CEO and Co-Founder of LocalResponse, Inc. which helps marketers respond to real-time consumer intent. Prior to this, he founded ipsh, which he sold to Omnicon in 2005. He was also one of the Angel investor in Admob which was acquired by Google in USD 800mn.

It is a seed stage fund which focuses exclusively on mobile technology companies. Specific targeted sectors within mobile include Big Data, Cloud computing, Social, Gaming, AdTech and Enterprise. The fund invests in range of $100k to $300k in the seed round with money for follow on rounds.

Till date, the venture have advised and invested in 80+ mobile software startups. The portfolio currently include 32 companies such as Vungle, Vistarmedia, tempo, thumb, showme, sonar, local response and many more.

Around 6 of the companies backed by Eniac have taken successful exits such as Fondu (acquired by Airbnb), Instinctive (acquired by Soundcloud) and MetaResolver (acquired by Millennial Media). As per the reports, these exits almost tripled Eniac’s investment in less than a year.

Some of the recent investments of Eniac Ventures include $1.1 Mn seed to Boxed and Reactor Inc.; $10 Mn Series A to Tempo and $3.2 Mn to Dekko in a Venture round.

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